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Bears Remain In The Driver’s Seat

USDJPY TECHS
  • RES 4: 148.51 High Nov 30
  • RES 3: 147.32 High Dec 7
  • RES 2: 146.59 High Dec 11 and key short-term resistance
  • RES 1: 144.96/145.26 High Dec 19 / 76.4% of the Dec 11 - 14 sell-off
  • PRICE: 142.43 @ 15:25 GMT Dec 27
  • SUP 1: 141.87 Low Dec 22
  • SUP 2: 140.97/71 Low Dec 14 / 76.4% of the Jul 14 - Nov 13 bull run
  • SUP 3: 140.23 2.00 proj of the Nov 13 - 21 - 22 price swing
  • SUP 4: 139.11 1.764 proj of the Nov 13 - 21 - 22 price swing

USDJPY is unchanged and remains below 144.96, the Dec 9 high. The recent recovery from 140.97, the Dec 14 low, appears to be a correction and trend conditions remain bearish. On Dec 14, the pair breached support at 141.71, the Dec 7 low, confirming a resumption of the downtrend that started on Nov 13. This opens 140.71, a Fibonacci retracement point. Key short-term resistance has been defined at 146.59, the Dec 11 high.

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